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AUTO SWAP U.S.A. ANNOUNCES REVERSE STOCK SPLIT AND MERGER

 SCOTTSDALE, Ariz., June 8 /PRNewswire/ -- Auto Swap U.S.A. Inc. (OTC Bulletin Board: SWAP) announced today that it informed the NASD on June 4, 1993, of a 1-for-5 reverse stock split which will take effect on June 14, 1993.
 The company also finalized its merger agreement of Water Chef Inc. on June 4, 1993. Pursuant to the merger agreement, the company will issue 3,800,000 shares or approximately 62 percent of its presently outstanding common stock on a post-split basis to the shareholders of Water Chef in exchange for all of the issued and outstanding shares of Water Chef.
 Water Chef has its headquarters and marketing in Scottsdale and manufacturing in Havre, Mont. The company is in the business of designing, manufacturing and distributing refrigerated water coolers, carbonators, water filters and reverse osmosis systems for worldwide distribution.
 On March 26, 1993, Water Chef purchased the assets of AquaTec Inc., including designs, patents, production equipment and inventory for $551,000, and will offer improved designs of the AquaTec equipment. AquaTec was believed to have the most advanced designs in the industry.
 Production of the Traditional designs (bottle on top) commenced in May. Production of the advanced New Century designs with appliance styling and the bottle on the bottom will start in August. Point-of-use coolers in both designs using filters and reverse osmosis systems will also be available.
 For more information contact: Water Chef, 800-446-CHEF or 602-991-4534/
 -0- 6/8/93
 /CONTACT: C. Gus Grant, president of Auto Swap, 602-991-4534/
 (SWAP)


CO: Auto Swap U.S.A. Inc.; Water Chef Inc. ST: Arizona IN: SU: TNM

JL-EH -- LA033 -- 6719 06/08/93 17:05 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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